Understanding strategic planning: an assessment of the definitions, planning process and competitive advantage

Purpose The study provides an understanding of strategic planning through an assessment of its definitions, the planning process, and spells-out the outcomes as well as the associated competitive advantage from practicing strategic planning. Despite the popularity of strategic planning as a management tool, it is argued that its practice is one that is least understood. Design/methodology/approach A review of strategic planning was conducted. The definitions identified were drawn from definitions derived from the top 10 publications with the highest citations from each of the two decades between 2001 to 2020 following a systematic Scopus search of publications with “strategic planning” in their title, and other publications identified through a Google Scholar search on “strategic planning”. The most unique or differentiated definitions were identified and assessed. The identified publications were also analyzed using content analysis to gain insight from their research findings as it relates to strategic planning in general, the planning process and respective competitive advantage. Findings The review established that there are various definitions of strategic planning, however, they are largely aligned as it relates to the formulation of strategy, the widest difference in the definitions is in the scope of the implementation activities. Originality/value The review contributes to the body of knowledge by providing (i) an understanding of strategic planning; (ii) an assessment of the definitions of strategic planning; (iii) a proposed definition of strategic planning; (iv) provision of a theoretical framework to understand the practice of strategic planning; and (v) the positioning of strategic risk management in enabling strategic planning.